南方经济
南方經濟
남방경제
South China journal of Economy
2011年
9期
17~29
,共null页
股市参与 参与成本 异质性
股市參與 參與成本 異質性
고시삼여 삼여성본 이질성
Stock Market Participation ; Participation Cost; Heterogeneity
本文利用2002年的CHIP数据分析了我国城镇家庭的股市投资行为。考虑到参与成本和异质性,本文使用Heckit模型来考察家庭股票数量与份额的决定。结果表明,家庭股市参与的概率与家庭的总财富水平、户主的收入以及教育水平之间存在显著的正相关关系,与户主的年龄呈倒U型关系。收入、财富水平和年龄对于家庭购买股票的数额也有类似影响;但教育水平的影响有所减弱。而对于股票在家庭总资产或金融资产中的份额,年龄和教育的影响在大部分模型中不显著;财富水平的系数显著为负。
本文利用2002年的CHIP數據分析瞭我國城鎮傢庭的股市投資行為。攷慮到參與成本和異質性,本文使用Heckit模型來攷察傢庭股票數量與份額的決定。結果錶明,傢庭股市參與的概率與傢庭的總財富水平、戶主的收入以及教育水平之間存在顯著的正相關關繫,與戶主的年齡呈倒U型關繫。收入、財富水平和年齡對于傢庭購買股票的數額也有類似影響;但教育水平的影響有所減弱。而對于股票在傢庭總資產或金融資產中的份額,年齡和教育的影響在大部分模型中不顯著;財富水平的繫數顯著為負。
본문이용2002년적CHIP수거분석료아국성진가정적고시투자행위。고필도삼여성본화이질성,본문사용Heckit모형래고찰가정고표수량여빈액적결정。결과표명,가정고시삼여적개솔여가정적총재부수평、호주적수입이급교육수평지간존재현저적정상관관계,여호주적년령정도U형관계。수입、재부수평화년령대우가정구매고표적수액야유유사영향;단교육수평적영향유소감약。이대우고표재가정총자산혹금융자산중적빈액,년령화교육적영향재대부분모형중불현저;재부수평적계수현저위부。
Using CHIP data of 2002 I investigate the stock market investment behavior of urban household in this paper. I highlight the importance of participation cost and heterogeneity in the stock market investment process and emphasize the appropriateness of using Heckit model to examine the determinants of the amount or the share of stock in households' total assets. I find that household stock market participation is positively correlated with education, income, and wealth. Its relationship with age is inverted U - shaped. These factors also have similar effect on the value of stocks held by households, with education playing a less important role. In terms of stock shares in total wealth or in financial wealth, neither education nor age plays a consistently significant role. The stock share decreases significantly as household' s wealth level increases.